Capital Gains Tax (CGT) is a tax on the profit when you sell or dispose of an asset that has increased in value. Disposing of an asset includes selling an asset (including business assets), giving away an asset as a gift, swapping an asset for something else, or getting compensation for an asset. However, CGT does not apply to all assets, and the amount of tax you pay depends on whether your gains in a given tax year exceed your tax-free allowance.
Capital gains tax typically arises on gains made from the sale or disposal of assets that exceed your tax-free allowance. With decades of experience, our specialist accountants can help you navigate the complexities of Capital Gains Tax (CGT).
We offer a fully bespoke CGT service, providing each customer with personalized tax advice. Our expert accountants possess significant knowledge in all areas of personal and business taxation. By analyzing your individual circumstances, we help you maximize any available capital gains tax relief and deductions.
Our services not only help reduce your capital gains tax liability but also ensure full compliance with HMRC. We manage all dealings with HMRC on your behalf, giving you peace of mind.
When you dispose of an asset, it may be liable for Capital Gains Tax unless the asset is exempt. Common assets that could be subject to this tax include:
Any gain made from the sale or disposal of business assets, such as land or buildings, is also subject to Capital Gains Tax.
Navigating the complexities of Capital Gains Tax on property and other assets can be challenging. Fortunately, there are numerous ways to offset costs and leverage potential tax reliefs. In many cases, it is possible to significantly reduce your Capital Gains Tax liabilities, sometimes even down to zero.
No one wants to pay more tax than necessary or risk calculating their liability incorrectly. That’s why enlisting the help of an experienced specialist in Capital Gains Tax is essential.
Contact our friendly team at Abedin Chartered Certified Accountants today for a free, no-obligation consultation. We are here to discuss your needs, guide you through the intricacies of Capital Gains Tax, and help minimize your tax liability.
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